Endurance International Group
Feb 16, 2017
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Endurance International Group Reports 2016 Fourth Quarter and Full Year Results

Fiscal Year 2016

Fourth Quarter 2016

BURLINGTON, Mass., Feb. 16, 2017 (GLOBE NEWSWIRE) -- Endurance International Group Holdings, Inc. (NASDAQ:EIGI), a leading provider of cloud-based platform solutions designed to help small and medium-sized businesses succeed online, today reported financial results for its fourth quarter and fiscal year ended December 31, 2016.

"Our fourth quarter and fiscal year results exceeded our revised guidance for revenue, adjusted EBITDA and free cash flow, the result of continued strong performance from Constant Contact and a more disciplined approach to our marketing investments," commented Hari Ravichandran, chief executive officer and founder of Endurance International Group.  "For 2017, we plan to focus on driving improved performance from our key hosting brands, including Bluehost and Host Gator, and building on the solid results we have seen with Constant Contact.  We also plan to invest in building brand awareness for these and other key brands, as well as fund operational and infrastructure improvements to enhance the customer product and service experience. We believe this will position us to achieve long term profitable growth and increased free cash flow."

Full Year and Fourth Quarter 2016 Financial Highlights

Full Year and Fourth Quarter Operating Highlights

Fiscal 2017 Guidance

The company is providing the following guidance as of the date of this release, February 16, 2017.  For the full year ending December 31, 2017, the company expects:

 2016 Actual
As reported
 Guidance
(as of February 16, 2017)*
GAAP revenue$1.111 billion 4 — 5% increase
Adjusted EBITDA$288 million 12 — 14% increase
Free cash flow$112 million ~35% increase
    

Adjusted EBITDA and free cash flow are non-GAAP financial measures.  A reconciliation of these non-GAAP financial measures to their most comparable measure calculated in accordance with GAAP is provided in the financial statement tables included at the end of this press release.

* Percentage increases shown in the "Guidance" column represent percentage increases over 2016 figures shown in the adjacent column.

Conference Call and Webcast Information

Endurance International Group's fourth quarter and full year 2016 financial results teleconference and webcast is scheduled to begin at 8:00 a.m. EDT on Thursday, February 16, 2017.  To participate on the live call, analysts and investors should dial (888) 734-0328 at least ten minutes prior to the call.  Endurance International Group will also offer a live and archived webcast of the conference call, accessible from the Investor Relations section of the company's website at http://ir.endurance.com.

Non-GAAP Financial Measures

In addition to our financial information presented in accordance with GAAP, we use adjusted EBITDA and free cash flow, which are non-GAAP financial measures, to evaluate the operating and financial performance of our business, identify trends affecting our business, develop projections and make strategic business decisions.  A non-GAAP financial measure is a numerical measure of a company's operating performance, financial position or cash flow that includes or excludes amounts that are included or excluded from the most directly comparable measure calculated and presented in accordance with GAAP.

Our non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because they are not prepared in accordance with GAAP and exclude expenses that may have a material impact on our reported financial results. For example, adjusted EBITDA excludes interest expense, which has been and will continue to be for the foreseeable future a significant recurring expense in our business. The presentation of non-GAAP financial information is not meant to be considered in isolation from, or as a substitute for, the most directly comparable financial measures prepared in accordance with GAAP. We urge you to review the additional information about adjusted EBITDA and free cash flow shown below, including the reconciliations of these non-GAAP financial measures to their comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.

Adjusted EBITDA is a non-GAAP financial measure that we calculate as net (loss) income, excluding the impact of interest expense (net), income tax expense (benefit), depreciation, amortization of other intangible assets, stock-based compensation, restructuring expenses, transaction expenses and charges, (gain) loss of unconsolidated entities, and impairment of other long-lived assets. We view adjusted EBITDA as a performance measure and believe it helps investors evaluate and compare our core operating performance from period to period.

Free Cash Flow, or FCF, is a non-GAAP financial measure that we calculate as cash flow from operations less capital expenditures and capital lease obligations. We believe that FCF provides investors with an indicator of our ability to generate positive cash flows after meeting our obligations with regard to capital expenditures (including capital lease obligations).

Key Operating Metrics

Total Subscribers - We define total subscribers as the approximate number of subscribers that, as of the end of a period, are identified as subscribing directly to our products on a paid basis, excluding accounts that access our solutions via resellers or that purchase only domain names from us. Subscribers of more than one brand, and subscribers with more than one distinct billing relationship or subscription with us, are counted as separate subscribers. Total subscribers for a period reflects adjustments to add or subtract subscribers as we integrate acquisitions and/or are otherwise able to identify subscribers that meet, or do not meet, this definition of total subscribers.

Average Revenue Per Subscriber (ARPS) - We calculate ARPS as the amount of revenue we recognize in a period, including marketing development funds and other revenue not received from subscribers, divided by the average of the number of total subscribers at the beginning of the period and at the end of the period, which we refer to as average subscribers for the period, divided by the number of months in the period. See definition of "Total Subscribers" above.  We believe ARPS is an indicator of our ability to optimize our mix of products and services and pricing and sell products and services to new and existing subscribers.  ARPS does not represent an exact measure of the average amount a subscriber spends with us each month, since our calculation of ARPS is impacted by revenues generated by non-subscribers.

Forward-Looking Statements

This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning our financial guidance for fiscal year 2017, our anticipated focus areas for 2017, our plans to invest in building brand awareness for key brands and to fund operational and infrastructure improvements to enhance the customer product and service experience, our belief that these investments will position us to achieve long term profitable growth and increased free cash flow, and our expected financial and operational performance in general. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, and statements identified by words such as "expects," "believes," "estimates," "will," "may", "continue", "confident," and variations of such words or words of similar meaning and the use of future dates. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that these plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: that we will be unable to successfully enhance the customer product and service experience and improve customer satisfaction and retention through operational and infrastructure improvements; that we will encounter difficulties or delays in our efforts to build brand awareness of our key brands;  that we will be unable to drive revenue growth by increasing ARPS through cross-selling and other product-related initiatives; that we will continue to experience decreases in our subscriber base; an adverse impact on our business from litigation or regulatory proceedings; an adverse impact on our business from our substantial indebtedness and the cost of servicing our debt; the rate of growth of the Small and Medium Business ("SMB") market for our solutions; our inability to increase sales to our existing subscribers, or retain our existing subscribers; system or Internet failures; our inability to maintain or improve our competitive position or market share; and other risks set forth under the caption "Risk Factors" in our Quarterly Report on Form 10-Q for the period ended September 30, 2016 filed with the SEC on November 4, 2016 and other reports we file with the SEC.

We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

About Endurance International Group

Endurance International Group Holdings, Inc. (NASDAQ:EIGI) (em)Powers millions of small businesses worldwide with products and technology to vitalize their online web presence, email marketing, mobile business solutions, and more. The Endurance family of brands includes: Constant Contact, Bluehost, HostGator, iPage, Domain.com, BigRock, SiteBuilder and SinglePlatform, among others. Headquartered in Burlington, Massachusetts, Endurance employs more than 4,000 people across the United States, Brazil, India and the Netherlands. For more information, visit: www.endurance.com.

Endurance International Group and the compass logo are trademarks of The Endurance International Group, Inc.  Constant Contact, the Constant Contact logo and other brand names of Endurance International Group are trademarks of The Endurance International Group, Inc. or its subsidiaries.


Endurance International Group Holdings, Inc.
Consolidated Balance Sheets
(unaudited)
(in thousands, except share and per share amounts)
 
 December 31, 2015 December 31, 2016
Assets   
Current assets:   
Cash and cash equivalents$33,030
  $53,596
 
Restricted cash1,048  3,302 
Accounts receivable12,040  13,088 
Prepaid domain name registry fees55,793  55,444 
Prepaid expenses and other current assets15,675  28,678 
Total current assets117,586  154,108 
Property and equipment—net75,762  95,272 
Goodwill1,207,255  1,859,909 
Other intangible assets—net359,786  612,057 
Deferred financing costs 
  4,932 
Investments27,905  15,857 
Prepaid domain name registry fees, net of current portion9,884  10,429 
Other assets4,322  3,710 
Total assets$1,802,500
  $2,756,274
 
Liabilities, redeemable non-controlling interest and stockholders' equity         
Current liabilities:         
Accounts payable$12,280
  $16,074
 
Accrued expenses45,779  67,722 
Accrued interest5,090  27,246 
Deferred revenue285,945  355,190 
Current portion of notes payable77,500  35,700 
Current portion of capital lease obligations5,866  6,690 
Deferred consideration—short term51,488  5,273 
Other current liabilities3,973  2,890 
Total current liabilities487,921  516,785 
Long-term deferred revenue79,682  89,200 
Notes payable—long term, net of original issue discounts of $0 and $25,853, and deferred financing costs of $990 and $43,342, respectively1,014,885  1,951,280 
Capital lease obligations—long term7,215  512 
Deferred tax liability28,786  39,943 
Deferred consideration—long term813  7,444 
Other liabilities3,524  8,974 
Total liabilities 1,622,826   2,614,138 
Redeemable non-controlling interest 
   17,753 
Commitments and contingencies         
Stockholders' equity:         
Preferred Stock—par value $0.0001; 5,000,000 shares authorized; no shares issued or outstanding 
   
 
Common Stock—par value $0.0001; 500,000,000 shares authorized; 132,024,558 and 134,793,857 shares issued at December 31, 2015 and December 31, 2016, respectively; 131,938,485 and 134,793,857 outstanding at December 31, 2015 and December 31, 2016, respectively14  14 
Additional paid-in capital848,740  868,228 
Accumulated other comprehensive loss(1,718) (3,666)
Accumulated deficit(667,362) (740,193)
Total stockholders' equity179,674  124,383 
Total liabilities, redeemable non-controlling interest and stockholders' equity$1,802,500
  $2,756,274
 


Endurance International Group Holdings, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(unaudited)
(in thousands, except share and per share amounts)
 
 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
 2015 2016 2015 2016
Revenue$193,043  $292,123  $741,315  $1,111,142 
Cost of revenue108,351  145,011  425,035  583,991 
Gross profit84,692  147,112  316,280  527,151 
Operating expense:       
Sales and marketing35,628  68,567  145,419  303,511 
Engineering and development6,801  19,671  26,707  87,601 
General and administrative22,957  34,587  81,386  143,095 
Transaction expenses4,980  27  9,582  32,284 
Total operating expense70,366  122,852  263,094  566,491 
Income (loss) from operations14,326  24,260  53,186  (39,340)
Other income (expense):       
Other income (loss), net  (4,703) 5,440  1,862 
Interest income98  138  414  576 
Interest expense(15,872) (40,315) (58,828) (152,888)
Total other expense—net(15,774) (44,880) (52,974) (150,450)
Income (loss) before income taxes and equity earnings of unconsolidated entities(1,448) (20,620) 212  (189,790)
Income tax expense (benefit)2,260  11,362  11,342  (109,858)
Loss before equity earnings of unconsolidated entities(3,708) (31,982) (11,130) (79,932)
Equity loss of unconsolidated entities, net of tax5,524  100  14,640  1,297 
Net loss$(9,232) $(32,082) $(25,770) $(81,229)
Net loss attributable to non-controlling interest  (841)   (15,167)
Excess accretion of non-controlling interest  3,624    6,769 
Total net income (loss) attributable to non-controlling interest  2,783    (8,398)
Net loss attributable to Endurance International Group Holdings, Inc.$(9,232) $(34,865) $(25,770) $(72,831)
Comprehensive loss:       
Foreign currency translation adjustments77  (1,591) (1,281) (597)
Unrealized gain (loss) on cash flow hedge, net of taxes of $46 and $97, and $46 and ($792) for the three and twelve months ended December 31, 2015 and 2016, respectively
80  515  80  (1,351)
Total comprehensive loss$(9,075) $(35,941) $(26,971) $(74,779)
Net loss per share attributable to Endurance International Group Holdings, Inc.—basic and diluted$(0.07) $(0.26) $(0.20) $(0.55)
Weighted-average number of common shares used in computing net loss per share attributable to Endurance International Group Holdings, Inc.—basic and diluted 131,772,156   134,453,029   131,340,557   133,415,732 


Endurance International Group Holdings, Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
 
 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
 2015 2016 2015 2016
Cash flows from operating activities:       
Net loss$(9,232) $(32,082) $(25,770) $(81,229)
Adjustments to reconcile net loss to net cash provided by operating activities:       
Depreciation of property and equipment9,361  13,418  34,010  60,360 
Amortization of other intangible assets from acquisitions23,866  37,883  91,057  143,562 
Amortization of deferred financing costs20  1,751  82  6,073 
Amortization of net present value of deferred consideration776  191  1,264  2,617 
Amortization of original issuance discount  854    2,970 
Impairment of long lived assets  754    9,039 
Stock-based compensation9,653  10,049  29,925  58,267 
Deferred tax expense (benefit)1,499  11,305  7,120  (113,242)
Gain on sale of assets  (75) (155) (243)
(Gain) loss from unconsolidated entities  4,703  (5,440) (1,862)
Loss of unconsolidated entities5,524  100  14,640  1,297 
Dividend from minority interest  50    100 
(Gain) loss from change in deferred consideration91  13  1,174  (20)
Changes in operating assets and liabilities:       
Accounts receivable83  (2,996) (1,659) (1,620)
Prepaid expenses and other current assets(3,933) 4,274  (13,187) (4,932)
Accounts payable and accrued expenses669  7,164  9,926  19,458 
Deferred revenue5,037  (4,199) 34,241  54,366 
Net cash provided by operating activities43,414  53,157  177,228  154,961 
Cash flows from investing activities:       
Businesses acquired in purchase transaction, net of cash acquired(24,583)   (97,795) (889,634)
Purchases of property and equipment(7,976) (7,942) (31,243) (37,259)
Cash paid for minority investment(1,225)   (8,475) (5,600)
Proceeds from sale of assets  434  284  676 
Proceeds from note receivable    3,454   
Purchases of intangible assets(32)   (76) (27)
Net (deposits) and withdrawals of principal balances in restricted cash accounts159  181  50  (557)
Net cash used in investing activities(33,657) (7,327) (133,801) (932,401)
Cash flows from financing activities:       
Proceeds from issuance of term loan      1,056,178 
Repayment of term loan(2,625) (12,425) (10,500) (55,200)
Proceeds from borrowing of revolver38,000  5,000  147,000  54,500 
Repayment of revolver(41,000) (38,500) (130,000) (121,500)
Payment of financing costs      (52,561)
Payment of deferred consideration(4,400) (7,964) (14,991) (51,044)
Payment of redeemable non-controlling interest liability    (30,543) (33,425)
Principal payments on capital lease obligations(1,995) (1,520) (4,822) (5,892)
Proceeds from exercise of stock options1,077  260  2,224  2,564 
Capital investment from minority interest partner      2,776 
Net cash provided by (used in) financing activities(10,943) (55,149) (41,632) 796,396 
Net effect of exchange rate on cash and cash equivalents54  (233) (1,144) 1,610 
Net increase (decrease) in cash and cash equivalents(1,132) (9,552) 651  20,566 
Cash and cash equivalents:       
Beginning of period34,162  63,148  32,379  33,030 
End of period$33,030  $53,596  $33,030  $53,596 
Supplemental cash flow information:       
Interest paid$14,889  $27,882  $57,338  $119,063 
Income taxes paid$536  $879  $4,510  $4,278 
Supplemental disclosure of non-cash financing activities:       
Shares issued in connection with the acquisition of Directi$  $  $  $ 
Assets acquired under capital lease$9,795  $  $9,795  $ 


GAAP to Non-GAAP reconciliation - Adjusted EBITDA

The following table presents a reconciliation of net loss calculated in accordance with GAAP to adjusted EBITDA (all data in thousands):


 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
 2015 2016 2015 2016
Net loss$(9,232) $(32,082) $(25,770) $(81,229)
Interest expense, net (including impact of amortization of deferred financing costs and original issuance discount)15,774  40,177  58,414  152,312 
Income tax expense (benefit)2,260  11,362  11,342  (109,858)
Depreciation9,361  13,418  34,010  60,360 
Amortization of other intangible assets23,866  37,883  91,057  143,562 
Stock-based compensation9,653  10,049  29,925  58,267 
Restructuring expenses295  582  1,489  24,224 
Transaction expenses and charges4,980  27  9,582  32,284 
(Gain) loss of unconsolidated entities(1)5,524  4,803  9,200  (565)
Impairment of other long lived assets  754    9,039 
Adjusted EBITDA$62,481  $86,973  $219,249  $288,396 

(1)  The (gain) loss of unconsolidated entities is reported on a net basis for the three and twelve months ended December 31, 2015 and 2016. The three months ended December 31, 2016 includes a loss of $4.7 million on the impairment of our 33% equity investment in Fortifico Limited.  The three months ended December 31, 2016 also includes a net loss of $0.1 million from our proportionate share of net losses from unconsolidated entities. The twelve months ended December 31, 2016 includes an $11.4 million gain on our investment in WZ UK, Ltd. This gain was generated on January 6, 2016, when we increased our ownership stake in WZ UK from 49% to 57.5%, which required a revaluation of our existing investment to its implied fair value. The twelve months ended also includes a loss of $4.8 million on our investment in AppMachine B.V. This loss was generated on July 27, 2016, when we increased our ownership stake in AppMachine from 40% to 100%, which required a revaluation of our existing investment to its implied fair value. These were also offset by the loss of $4.7 million on Fortifico Limited previously mentioned in this paragraph, and by our proportionate share of net losses from unconsolidated entities of $1.3 million. 

The loss of unconsolidated entities is reported on a net basis for the year ended December 31, 2015. The twelve months ended December 31, 2015 includes a $5.4 million gain for the redemption of our equity interest in World Wide Web Hosting, offset by our proportionate share of net losses from unconsolidated entities of $14.6 million.

GAAP to Non-GAAP reconciliation — Free Cash Flow

The following table reflects the reconciliation of cash flow from operations to free cash flow ("FCF") (all data in thousands):


 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
 2015  2016  2015  2016 
Cash flow from operations$43,414  $53,157  $177,228  $154,961 
Less:       
Capital expenditures and capital lease obligations (1)(9,971) (9,462) (36,065) (43,151)
        
Free cash flow$33,443  $43,695  $141,163  $111,810 

(1)  Capital expenditures during the three and twelve months ended December 31, 2015 includes $2.0 million and $4.8 million of principal payments under a three year capital lease for software. Capital expenditures during the three and twelve months ended December 31, 2016 includes $1.5 million and $5.9 million of principal payments under a two year capital lease for software. The remaining balance on the capital lease is $7.2 million as of December 31, 2016.

Average Revenue Per Subscriber - Calculation and Segment Detail

Starting with the fourth quarter of 2016, we will present our financial results in two segments.  Our Web presence segment is our historical business before the acquisition of Constant Contact, and includes primarily our web hosting products, domains, website builders and related add-on products.  Our Email Marketing segment consists of the Constant Contact business, including email marketing, event management, survey tools and the SinglePlatform digital storefront service.

The following table presents the calculation of ARPS, on a consolidated basis and by segment (all data in thousands, except ARPS data):


 Three Months Ended
December 31,
 Twelve Months Ended
December 31,
 2015 2016 2015 2016
Consolidated revenue$193,043  $292,123  $741,315  $1,111,142 
Consolidated total subscribers4,669  5,371  4,669  5,371 
Consolidated average subscribers for the period4,587  5,405  4,358  5,283 
Consolidated average revenue per subscriber (ARPS)$14.03  $18.02  $14.18  $17.53 
        
Web Presence revenue  $194,970    $784,334 
Web Presence subscribers  4,827    4,827 
Web Presence average subscribers  4,860    4,789 
Web Presence ARPS$  $13.37  $  $13.65 
        
Email Marketing revenue  $97,153    $326,808 
Email Marketing subscribers  544    544 
Email Marketing average subscribers  545    494 
Email Marketing ARPS$  $59.43  $  $55.11 


The following table presents a reconciliation by segment of net loss calculated in accordance with GAAP to adjusted EBITDA (all data in thousands):


 Three Months Ended
December 31, 2016
 Twelve Months Ended
December 31, 2016
 Web
Presence
Email
Marketing
Total Web
Presence
Email
Marketing
Total
    
Revenue$194,970 $97,153 $292,123  $784,334 $326,808 $1,111,142 
Gross profit88,379 58,733 147,112  353,988 173,163 527,151 
        
Adjusted EBITDA$46,075 $40,898 $86,973  $172,135 $116,261 $288,396 
Interest expense, net17,504 22,673 40,177  70,843 81,469 152,312 
Income tax expense (benefit)13,718 (2,356)11,362  (76,315)(33,543)(109,858)
Depreciation9,364 4,054 13,418  36,613 23,747 60,360 
Amortization of other intangible assets19,630 18,253 37,883  78,883 64,679 143,562 
Stock-based compensation8,084 1,965 10,049  45,864 12,403 58,267 
Restructuring expenses349 233 582  1,845 22,379 24,224 
Transaction expenses and charges27  27  31,300 984 32,284 
(Gain) loss of unconsolidated entities (1)4,803  4,803  (565) (565)
Impairment of other long lived assets754  754  9,039  9,039 
Net income (loss)$(28,158)$(3,924)$(32,082) $(25,372)$(55,857)$(81,229)

(1)  The (gain) loss of unconsolidated entities is reported on a net basis for the three and twelve months ended December 31, 2015 and 2016. The three months ended December 31, 2016 includes a loss of $4.7 million on the impairment of our 33% equity investment in Fortifico Limited.  The three months ended December 31, 2016 also includes a net loss of $0.1 million from our proportionate share of net losses from unconsolidated entities. The twelve months ended December 31, 2016 includes an $11.4 million gain on our investment in WZ UK, Ltd. This gain was generated on January 6, 2016, when we increased our ownership stake in WZ UK from 49% to 57.5%, which required a revaluation of our existing investment to its implied fair value. The twelve months ended also includes a loss of $4.8 million on our investment in AppMachine B.V. This loss was generated on July 27, 2016, when we increased our ownership stake in AppMachine from 40% to 100%, which required a revaluation of our existing investment to its implied fair value. These were also offset by the loss of $4.7 million on Fortifico Limited previously mentioned in this paragraph, and by our proportionate share of net losses from unconsolidated entities of $1.3 million. 

GAAP to Non-GAAP Reconciliation of Fiscal Year 2017 Guidance (as of February 16, 2017) - Adjusted EBITDA

The following table reflects the reconciliation of fiscal year 2017 estimated net loss calculated in accordance with GAAP to fiscal year 2017 guidance for adjusted EBITDA at the high end of the guidance range (i.e. assuming a 12% increase over 2016 adjusted EBITDA as reported). All figures shown are approximate.


($ in millions)Twelve Months Ending
December 31, 2017
Estimated net loss$(91) 
Estimated interest expense (net)148  
Estimated income tax expense (benefit)10  
Estimated depreciation56  
Estimated amortization of acquired intangible assets137  
Estimated stock-based compensation57  
Estimated restructuring expenses8  
Estimated transaction expenses and charges  
Estimated (gain) loss of unconsolidated entities  
Estimated impairment of other long-lived assets  
Adjusted EBITDA guidance   $325 
       

GAAP to Non-GAAP Reconciliation of Fiscal Year 2017 Guidance (as of February 16, 2017) - Free Cash Flow

The following table reflects the reconciliation of fiscal year 2017 estimated cash flow from operations calculated in accordance with GAAP to fiscal year 2017 guidance for free cash flow. All figures shown are approximate.

($ in millions)Twelve Months Ending
December 31, 2017
Estimated cash flow from operations$205  
Estimated capital expenditures and capital lease obligations(55) 
Free cash flow guidance   $150 
       

 

Investor Contact:
Lynn Harrison
Endurance International Group
(781) 852-3450
ir@endurance.com

Press Contact:
Lark-Marie Antón
Endurance International Group
(646) 887-7272
press@endurance.com